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Irobot Corp (IRBT) SEC Filing 10-Q Quarterly Report for the period ending Saturday, April 2, 2022

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Irobot Corp

CIK: 1159167 Ticker: IRBT

EX-99.1
Contacts:
Andrew KramerCharlie Vaida
Investor RelationsMedia Relations
iRobot Corp.iRobot Corp.
(781) 430-3003(781) 430-3182
akramer@irobot.comcvaida@irobot.com
iRobot Reports First-Quarter 2022 Financial Results

Company Exceeds Q122 EPS Targets; Company Increases High End of FY22 EPS Target Range

BEDFORD, Mass., May 4, 2022 –
iRobot Corp. (NASDAQ: IRBT), a leader in consumer robots, today announced its financial results for the first quarter ended April 2, 2022.

Colin Angle, chairman and chief executive officer of iRobot, stated, “Our recent tariff exclusion, combined with prudent cost management, enabled us to outperform our initial operating loss and net loss per share expectations for the first quarter of 2022. In terms of our first-quarter 2022 revenue, we delivered solid performances in the U.S. and Japan, which mostly was offset by a decline in EMEA. The first quarter was also highlighted by important progress to advance each element of our ‘INNOVATE. GET. KEEP. GROW.’ strategy.”

Commenting on the company’s outlook, Angle concluded, “Looking ahead, we plan to manage our business in ways that will enable us to navigate the potential for disruptions in the consumer marketplace, particularly in EMEA, primarily driven by a combination of heightened inflation and reduced consumer confidence stemming from the Russia-Ukraine war. While we still anticipate solid revenue growth in North America and our prospects in Japan are strengthening, we have reduced our full-year revenue growth expectations due primarily to the prospect of muted category growth in EMEA. Nevertheless, the combination of tariff-related savings and ongoing actions to carefully manage spending will help us preserve our profitability and enable us to slightly increase the high end of our FY22 EPS targets. We believe that our anticipated revenue and EPS trajectory in the second half of FY22 will leave us well positioned to deliver on our long-term financial targets.”

Financial Performance Highlights
Revenue for the first quarter of 2022 was $292.0 million, compared with $303.3 million in the first quarter of 2021.
iRobot’s revenue in the U.S. grew 33% and the company’s revenue increased 25% in Japan for the first quarter of 2022 versus the same period one year ago. iRobot’s first-quarter 2022 revenue in EMEA declined 44% against a very strong quarter in EMEA one year ago.
Revenue from premium robots with an MSRP of $500 or more grew by over 30% in the first quarter of 2022. Mid-tier robots (with an MSRP between $300 and $499) and premium robots accounted for 86% of first-quarter 2022 robot sales, versus 84% from the prior year's first quarter.
Aeris air purifier revenue was approximately $3 million in the first quarter of 2022.
We estimate that iRobot’s first-quarter 2022 revenue to support e-commerce, which spans the company’s own website and app, dedicated e-commerce websites and the online arms of traditional retailers, grew by 6% from the same period last year and represented approximately 62% of total quarterly revenue. Direct-to-consumer revenue of $41 million in the first quarter of 2022 grew 17% from the same quarter last year and represented 14% of total revenue.


The following information was filed by Irobot Corp (IRBT) on Wednesday, May 4, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Irobot Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets (Unaudited)
Consolidated Balance Sheets (Unaudited) (Parenthetical)
Consolidated Statement Of Shareholders' Equity Statement
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Income Statement
Accrued Expenses
Accrued Expenses (Details)
Accrued Expenses (Tables)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Activity Related To Warranty Accrual (Detail)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (Details)
Derivative Instruments And Hedging Activities (Tables)
Derivative Instruments And Hedging Activities - Schedule Of Derivative Instruments (Details)
Description Of Business
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Fair Value On A Recurring Basis (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Schedule Of Goodwill (Details)
Income Taxes (Details)
Income Taxes (Notes)
Industry Segment, Geographic Information And Significant Customers
Industry Segment, Geographic Information And Significant Customers - Additional Information (Detail)
Leases
Leases (Tables)
Leases - Financial Statement Impact Of Adopting Asc 842 (Details)
Leases - Lease Cost (Details)
Leases - Maturity Of Operating Lease Liability (Details)
Leases - Supplemental Cash Flow (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Contract Balances (Details)
Revenue Recognition - Disaggregation Of Revenue (Details)
Revenue Recognition - Significant Judgments (Details)
Subsequent Event (Details)
Subsequent Event (Notes)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Details)
Summary Of Significant Accounting Policies - Basic And Diluted Net Income Per Share (Detail)

Material Contracts, Statements, Certifications & more

Irobot Corp provided additional information to their SEC Filing as exhibits

Ticker: IRBT
CIK: 1159167
Form Type: 10-Q Quarterly Report
Accession Number: 0001159167-22-000030
Submitted to the SEC: Thu May 05 2022 4:49:35 PM EST
Accepted by the SEC: Thu May 05 2022
Period: Saturday, April 2, 2022
Industry: Household Appliances

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